Managing Innovation in Business

MANAGING INNOVATION
IN BUSINESS

Executive summary
The current report is all about innovation in Marks and Spencer. M&S company in this report
tries to understand the innovation requirements in the industry of 2020. and they have to focused
on innovation acquired M&S in the industry of UK for more upcoming years and gain
competitive advantage in market. It is identified that company needs to more developed
strategically of other competitors in market.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
Future of retail industry in 2020 and beyond...............................................................................4
Requirement of innovation to organization in 2020....................................................................6
Developing Future innovation capabilities for organization.......................................................7
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Innovation management is arrangement of administration of creation development and
change management. Hence, it refers to products in business process, marketing and
organizational improvement. It also include set of equipment that allow manager of workforce
and user to company with frequent considerate of progression and objectives. These
establishment allows organization in responding external and internal opportunities and use its
inspiration to formed ideas, procedure or goods (Dittrich, Bolmsten and Eriksson, 2017). Marks
and Spencer is major multinational retailer company with many stores in different company
which includes such as clothes, home and food products along with that its own label on their
goods. M&S currently has numerous number of stores across the country and that sell only food
products, through television, advertising and also luxury foods and beverage. The company also
offers online delivery foods for their customer. The main purpose of this report is to make proper
use of new and innovative ideas have also being provided in specific market and make
innovation as most important part of every business. The innovation is being so essential in
achieving goals and objective. This report examined the future trends of industry and beyond
and organization innovation requirements. Also, study about developing future innovation
capabilities for company.
Future of retail industry in 2020 and beyond
Retail industries in 2020 and beyond will bring changes in demographics, technology
according to needs and demands of consumer’s & undergo with business analysis
benchmarks its performances and identify competitive stance of retail industry. It depicts
influencers and macro and micro factors which have tremendous effect on retail industry in 2020
and beyond. It manifests all the discussions of pertinent factors that are external and internal
environment of retail industry respectively. Strengths of an retail industry will be that it will
perform strongly across all the segments of market including supply chain internationally,
marketing strategies that are innovative, strong connect on social media platforms, positive
image and have to focus on fashionable trends. Retail industry has focus on delivering high class
consumer experience and acquires strong consumer loyalty. It will have robust logistics
management and supply chain and ethically and authentically sourced products (Bicer, Lücker